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S&P lowers RBS Citizens
Standard & Poor's said it lowered the issuer credit rating on RBS Citizens Financial Group Inc. to BBB+/A-2 from A-/A-2.
The agency also said it lowered the long- and short-term issuer credit ratings on the company's bank subsidiaries, RBS Citizens NA and Citizens Bank of Pennsylvania, to A-/A-2 from A/A-1.
The outlook is negative.
The agency said it continue to assess the company's stand-alone credit profile as A.
The downgrade follows the lowering of the ratings on RBS Citizens Financial's parent, Royal Bank of Scotland, S&P said.
This action reflects a view that the material extension of the bank's long-running restructuring further delays its return to profitability, the agency said.
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